2. Making Ends Meet: Financial Management in Private Practice

  1. Chris E. Stout
  1. David W. Ballard

Published Online: 24 SEP 2012

DOI: 10.1002/9781118089972.ch2

Getting Better at Private Practice

Getting Better at Private Practice

How to Cite

Ballard, D. W. (2012) Making Ends Meet: Financial Management in Private Practice, in Getting Better at Private Practice (ed C. E. Stout), John Wiley & Sons, Inc., Hoboken, New Jersey. doi: 10.1002/9781118089972.ch2

Publication History

  1. Published Online: 24 SEP 2012
  2. Published Print: 27 JUL 2012

ISBN Information

Print ISBN: 9780470903988

Online ISBN: 9781118089972

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Keywords:

  • practice management;
  • finance;
  • accounting;
  • financial analysis;
  • operating analysis;
  • financial capital;
  • credit;
  • financial planning;
  • retirement

Summary

This chapter presents an overview of financial management issues in private practice, including sources of capital, working with accountants and other consultants, financial and operating analyses, accepting credit cards, and financial planning for a secure future. A thriving practice that is financially viable provides the resources necessary to deliver high-quality services, as well as the flexibility to engage in pro bono work, community service, professional advocacy, and other non-revenue-generating professional activities. Whether working with an advisor or calculating financial and operating ratios themselves, practitioners can develop a better understanding of their financial position and take steps to improve profitability, enhance the quality of work life, and achieve professional and personal financial goals.